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Mold-Rite releases talk on first- and second-lien term loans
By Sara Rosenberg
New York, Sept. 20 – Mold-Rite Plastics LLC (Valcour Packaging LLC) came out with price talk on its $400 million seven-year covenant-lite first-lien term loan (B2/B-) and $160 million eight-year covenant-lite second-lien term loan (Caa2/CCC) that launched with a lender call on Monday, according to a market source.
Talk on the first-lien term loan is Libor plus 400 basis points with a 0.5% Libor floor and an original issue discount of 99, and talk on the second-lien term loan is Libor plus 675 bps to 700 bps with a 0.5% Libor floor and a discount of 99, the source said.
The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.
Deutsche Bank Securities Inc. is the left lead bookrunner on the deal.
Commitments are due at noon ET on Sept. 30.
Proceeds will be used to help fund the buyout of the company by Clearlake Capital Group LP from Irving Place Capital.
Mold-Rite is a Plattsburgh, N.Y.-based manufacturer of packaging components.
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